Overview

• The central bank sold $379 million on Thursday and $432 million over 48 hours to hold the wholesale rate at the band’s ceiling near $1,474.5.
• Retail and financial exchange rates broke $1,500, with the MEP around $1,541, the CCL near $1,556 and the blue close to $1,526.
• Argentine bonds fell as much as 12–14%, the S&P Merval dropped 5–7% and the country risk rose to roughly 1,300–1,450 points.
• Reported gross reserves slipped to about $39.4 billion after the intervention, with $590 million traded in spot and $1.26 billion in futures.
• Caputo ruled out policy changes, pledged to ensure 2026 debt payments, and officials pointed to political setbacks as Barclays warned the regime may need a reset.